Alexion Rises to Highest in Six Weeks on Analyst’s ViewMeg Tirrell
Alexion Pharmaceuticals Inc., a maker of a drug for rare blood diseases, rose to its highest price in six weeks after an analyst recommended buying the stock ahead of the company’s second-quarter earnings report.
Alexion gained 4.6 percent to $100.12 at the close in New York, its highest price since May 30. The shares of the Cheshire, Connecticut-based drugmaker have gained 6.8 percent this year.
That increase trails the 35 percent boost in the Nasdaq Biotechnology Index, prompting Christopher Raymond, an analyst with Robert W. Baird & Co., to recommend buying Alexion in a research note yesterday. Alexion has been expanding use of its drug Soliris and the growth should continue this year, Raymond said today in a telephone interview.
“This is a name that’s been a victim of a little bit too much anxiety over 2013 numbers,” Raymond said. “We’re thinking there’s upside in the near term.”